9 °c
London
Saturday, April 17, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

IMF says talks with Zambia on possible aid package still on hold

FurtherAfrica by FurtherAfrica
August 27, 2018
in Africa, Aid, Banking, Currency, Development, Economy, Finance, Government, Legislation, Zambia
Reading Time: 1 min read
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

The International Monetary Fund (IMF) said its discussions with Zambia over an aid programme are still on hold because the nation’s borrowing plans remain unsustainable.

In February the fund rejected Zambia’s borrowing plans, saying they risked making it harder for the southern African country to sustain its debt load.

“There are no discussions on a possible Fund-supported programme given that the authorities’ borrowings plans compromise the country’s debt sustainability, and undermine its macroeconomic stability,” an IMF spokesman told Reuters.

Zambia has raised its 2018 forecast for the country’s fiscal deficit to 7.8 percent of gross domestic product from an initial estimate of 6.1 percent.

The nation’s central bank said on Wednesday that containing the fiscal deficit within programmed levels remained a challenge and external debt posed additional challenges.

Zambia, with an external debt of $8.7 billion, said in December last year that it would begin refinancing Eurobonds worth a total $3 billion in 2019 to reduce the cost of debt servicing.

Zambia’s Finance Ministry said in a statement late on Friday that an IMF staff mission would be visiting in the third quarter for consultations to assess the nation’s economy.

The government was taking measures to strengthen the implementation of its medium term debt management strategy, it said.

“The prior actions required to facilitate the recommencement of discussions for an IMF Supported Programme are duly being attended,” the statement said.

Zambia wants a $1.3 billion loan from the IMF but the chance of a deal depends on how Africa’s second-largest copper producer reconciles its debt management plans.

Source: Reuters

Related

Tags: aid packageborrowing planschallengesFeaturefiscal deficitFund-supported programmeIMFInternational Monetary Fundmacroeconomic stabilitysustainabilityundermineZambiaZambia’s Finance Ministryзамбияザンビア赞比亚
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

South Africa’s Vodacom launches 5G internet service in Lesotho

Next Post

Air Tanzania losses down as it starts East Africa flights

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

South Africa: Western Cape sees increase in domestic travel over Easter weekend
Weekend

South Africa: Western Cape sees increase in domestic travel over Easter weekend

by FurtherAfrica
April 17, 2021
Water

Zimbabwe to export water to South Africa

by Staff
April 16, 2021
Conference Access to Africa coming to Dakar, Senegal
Conference

Conference Access to Africa coming to Dakar, Senegal

by FurtherAfrica
April 16, 2021
Soon, Africa’s largest utility will not own any power lines
Energy

Tanzania rural electrification project continues to make progress

by Staff
April 16, 2021
Economy

Mozambique: ‘Valuation of the metical only useful if reflected on the economy’

by FurtherAfrica
April 16, 2021
Next Post

Air Tanzania losses down as it starts East Africa flights

Angola: Taxation do not “sofocate” companies

Angola: National Development Plan announces AKZ 29.1 billion

Scatec Solar closes financing for Mozambique solar plant

Mozambique: Us Grant for Solar Power Feasibility Study

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?